skip to main navigation skip to secondary navigation skip to content
Board of Governors of the Federal Reserve System
skip to content
Board of Governors of the Federal Reserve System

Supervision and Regulation Letters

SR 11-4

Interagency Statement on Reorganization of FinCENís Bank Secrecy Act Regulations

March 2, 2011

Seal of the Board of Governors of the Federal Reserve System
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.  20551
DIVISION OF BANKING
SUPERVISION AND REGULATION
SR 11-4
March 2, 2011
TO THE OFFICER IN CHARGE OF SUPERVISION AND APPROPRIATE SUPERVISORY AND EXAMINATION STAFF AT EACH FEDERAL RESERVE BANK
SUBJECT:   Interagency Statement on Reorganization of FinCENís Bank Secrecy Act Regulations
The Federal Reserve, together with the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the State Liaison Committee of the Federal Financial Institutions Examination Council, has issued the attached interagency statement entitled Reorganization of FinCENís Bank Secrecy Act Regulations.

On October 26, 2010, the Financial Crimes Enforcement Network (FinCEN) issued a final rule reorganizing and transferring its Bank Secrecy Act (BSA) regulations to a new chapter in the Code of Federal Regulations, 31 CFR Chapter X. The final rule also assigns a new numbering convention to Chapter X. The effective date of this change is March 1, 2011.

The interagency statement reminds banks of the upcoming change, and advises banks to consider the effect of the regulationsí new organization and numbering scheme on the bankís policies, publications, training materials, and automated systems or databases. The interagency statement also notifies banks that the federal and state banking regulators will be using the new citations to document violations of FinCENís regulations for examinations beginning on or after March 1, 2011.

Reserve Banks are asked to distribute this SR letter to all state member banks, bank holding companies, Edge agreement corporations, and U.S. branches and agencies of foreign banking organizations they supervise, as well as to their own supervisory and examination staff. Questions regarding this matter may be directed to Timothy P. Leary, Senior Special Anti-Money Laundering Examiner, at (202) 452-2428, or Suzanne Williams, Manager, Compliance Section, at (202) 452-3513. In addition, questions may be sent via the Boardís public website.1

signed by
Patrick M. Parkinson
Director
Division of Banking
Supervision and Regulation


Last update: August 19, 2011